Long-Term Mortgage Rates Barely Move This Week

Realty Times (10/03/08)
Freddie Mac reports a small rise in the 30-year fixed mortgage rate to 6.10 percent during the week ended Oct. 2 from 6.09 percent the prior week. The 15-year fixed mortgage rate nudged up to 5.78 percent from 5.77 percent. However, the five-year adjustable mortgage rate slipped to 6.00 percent from 6.02 percent; and the one-year ARM dropped to 5.12 percent from 5.16 percent. The report shows that the 30- and 15-year mortgage rates are down substantially from the same time in 2007, when they averaged 6.37 percent and 6.03 percent, respectively.